Which of the following statements is FALSE?
A) A perfectly inelastic supply curve is vertical.
B) The supply curve is more elastic in the long run than in the short run.
C) Products that take a long time to produce, such as decades-aged Scotch whiskey, have supply curves that are less responsive to price changes.
D) The supply curve of oil is more inelastic in Texas than it is globally.

Question

Quizplus · Accepted Answer

The supply curve of oil is generally more elastic in a specific region like Texas compared to globally, as local producers can adjust production more easily than the global market can respond to changes.

Which of the Following Statements Is FALSE